DECATUR, AL (WAFF)- Decatur's mayor said the city's Sweetwater real estate development project – or something like it – will rise again, eventually. City leaders acknowledged Thursday that the billion-dollar project was effectively dead.
City leaders said sequestration and a spread of economic and financial issues made the project fall short of being a "sure thing" just far enough, that it fell through altogether.
The project was supposed to be an almost $1.5 billion complex of restaurants, shops, a hotel and several major anchor stores. Making it happen would have required major spending on site improvements by the City of Decatur, meaning major borrowing.
But in the past few months, some of the anchor stores became slow in committing to the project. They've been worried whether their sales would be strong enough in a weak economy in an area getting bruised by sequestration.